Community banking

In Brief: Fulton of Pa. in $89M Deal for N.J.'s SVB

Published January 12, 2005, 2:00 a.m. EST

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Updated January 11, 2005, 7:10 p.m. EST

1 Min Read

Fulton Financial Corp. of Lancaster, Pa., has announced plans to acquire SVB Financial Services Inc., of Somerville, N.J.

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The $11.1 billion-asset Fulton would pay $89 million for the $475 billion-asset SVB. The deal, announced late Tuesday, is expected to close in the third quarter.

SVB has 11 community banking branches in Somerset, Hunterdon, and Middlesex Counties in New Jersey.

The deal would let Fulton "solidify our presence in New Jersey markets while enhancing banking convenience for our existing New Jersey customers, coming as it does on the heels of our recent acquisition of First Washington State Bank in neighboring Mercer County," Rufus A. Fulton Jr., Fulton's chairman and chief executive officer, said in a press release.

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